Global crypto playersare attempting to expand in India despite a punitive tax regime that has curtailed trading volumes
[SINGAPORE] Coinbase Global has invested in Mumbai-based CoinDCX as the exchange operator seeks to deepen its exposure to India and the Middle East.
The investment is an extension of CoinDCX’s last fundraise, and once completed, will give the firm a post-money valuation of US$2.45 billion, according to a statement on Wednesday (Oct 15). CoinDCX last raised capital in a US$135 million round led by Pantera Capital and Steadview Capital Management in April 2022. At that time, investors had valued the company at US$2.15 billion.
Global crypto players, including Binance and Bybit, are attempting to expand in India despite a punitive tax regime that has curtailed trading volumes. Coinbase itself registered with India’s Financial Intelligence Unit in March, paving the way for the company to offer services in the country.
The investment by Coinbase builds on the group’s prior investments in CoinDCX through Coinbase Ventures, the US company said. Spokespeople for Coinbase and CoinDCX declined to specify the size of the investment.
CoinDCX is one of India’s biggest digital assets exchanges, with annualised group revenue of 11.8 billion rupees (S$173 million), as at July 2025. It boasts more than 20 million users, according to a September update. BLOOMBERG
